Free Trial

Russia Intends 500,000 bpd Crude Export Cut in August: Novak


Russia intends to cut crude exports by 500,000 bpd in August in an effort to keep global oil markets balanced according to Deputy PM Alexander Novak.

  • “Russia will voluntarily reduce its oil supply in the month of August by 500,000 barrels per day by cutting its exports by that quantity to global markets,” he said.
  • It varies from prior Russian commitments which were production related rather than export related.
  • It comes shortly after Saudi’s intent to voluntarily reduce its production buy 1mn bpd for another month in August – extending from a prior commitment of just July. Saudi has also left the door open for that to be extended.
  • The initial crude price spike came on the Saudi headlines – the Russian headlines have not added more upside yet.
  • Brent SEP 23 up 1.1% at 76.21$/bbl
  • WTI AUG 23 up 1% at 71.38$/bbl

To read the full story



MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.